Big Hit Entertainment saw 49.7 billion won ($41.9 million) in half-year profits. BHE is the management label of South Korean K-Pop group BTS and its online concert and merchandise product sales more than offset event cancellations during the pandemic that is COVID-19.
Previously this month, Big Hit received approval that is preliminary its planned initial public offering (IPO), with a listing expected later this year. Some analysts have forecast the IPO could value the ongoing business at 4 trillion won ($3.4 billion) or more.
Big Hit on Thursday posted 49.7 billion won in running profit on 294 billion won in revenue in the half that is first of. This compares to about 39.1 billion won operating profit and 201 billion won in revenue during the first half of 2019, based on a accounting standard that is different.
“Big Hit responded well in the face of an unexpected worldwide crisis,” global business CEO Lenzo Yoon said in a presentation that is online.
BTS, a boy that is seven-member with a message of self-confidence, became the first group because the Beatles to score three No. 1 albums in a year on the Billboard 200 charts in 2019.
Although BTS’ planned tour of more than 20 concerts in the United States, Europe and Asia was terminated, some 756,000 individuals globally paid to watch BTS’ online concert in simultaneously, an audience size corresponding to about 15 stadium concerts, Yoon stated june.
About 746,000 product items for the online concert were sold within a week on its weverse app that is dedicated.
Big Hit also sells additional content including artist-based figures, illustrated books of lyrics, textbooks, games and certification including BTS edition of Samsung Electronics (OTC:SSNLF) smartphones and Starbucks (NASDAQ:SBUX) products, which company officials stated had assisted it prosper despite the pandemic that is COVID-19.
Big Hit acquired two K-Pop labels and established a third as a venture that is joint last year, president and CEO Bang Si-hyuk said, addressing market issues that Big Hit has to diversify its revenue streams beyond BTS.
Signings include boyband Seventeen, which sold 1.45 million albums year that is last. Big Hit Entertainment saw 49.7 billion won ($41.9 million) in half-year profits and this indicates a huge fluctuation for the company, predicting success.